Research from the Open Property Data Association (OPDA) found that people thought the house buying process took 88 days on average, but when asked, ‘How long did it actually take to exchange contracts once your offer was accepted?’, the average answer was 124 days.
This showed there was a 36-day difference between consumer expectations and reality.
Maria Harris, chair at OPDA, said: “It’s shocking that exchanging contracts still takes 40% longer than expected, especially given that those expectations aren’t exactly high. The problem is that the home buying process is stuck in the past. Embracing digitisation will allow us to modernise and enhance this established process, making it more efficient, seamless and aligned with the needs of the 21st century.
“Our vision and purpose align with the government’s objectives, and now is the perfect time to come together and drive digital transformation of the property sector.”
OPDA has been campaigning for more transparency during the exchange process through access to data, open standards and secure information sharing.
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Lack of knowledge across the UK
The poll of 5,336 people living in the UK who had bought or sold a house in the last five years showed that despite the different process compared to England and Wales, consumer expectations did not match the reality in Scotland either.
Responses suggested that the exchange process took 38 days longer than expected in England and Wales, taking 126 days compared to the expected 88 days. In Scotland, the process took 106 days, longer than the 74 days respondents believed it would.
The people polled said the lack of clear, timely communication was a barrier to the property transaction process, with 41% saying this was the most challenging part. Some 39% said chasing updates added pressure to the process, causing uncertainty and frustration.
A further 62% of respondents said they were asked to provide the same information 2-3 times, highlighting repeated actions during the process, which OPDA said could raise the risk of errors, misalignment of information between parties and more risk of data breaches.
When asked what they believed delayed the process, 44% of people said conveyancers, while 29% blamed estate agents. Some 17% felt the fault was with mortgage lenders, and 15% said valuers or surveyors.
Phil Spencer, property expert and founder of property advice website Move iQ, said: “Everyone knows the old saying about moving home being one of life’s most stressful experiences. But the reason it’s so stress-inducing isn’t just the cost; it’s more likely to be the uncertainty and delays that often plague the process.
“This research reveals that many of us also underestimate just how long it can take to buy a home. The process is crying out for modernisation, and better transparency and digitalisation could shave weeks off the time taken to complete a purchase, making life better for buyers, sellers and property professionals.”
Upfront digital information
With the government wanting to digitise the exchange process, OPDA has called for the introduction of digital property packs to offer a secure, comprehensive, instantly accessible view of a property’s details. The firm said this could streamline transactions, reduce fall-through rates and increase trust.
The poll found that 82% of respondents believed digital property packs were a good idea, and 77% would use one if it were available.
Harris added: “Our research shows that consumers are not only open to Digital Property Packs but are actively calling for them.
“With the government’s commitment to digitisation, now is the time to push forward with the solutions and new customer journeys to make this vision a reality – it’s the best way to ensure buyers and sellers have the information they need at their fingertips.”
